In your opinion, how long will the first and second wave last?
Max_pro_crypto
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This chart of the altseason pair shows that alt is currently at the bottom against BTC.
We have already seen a similar situation in December 2017 and 2020 - a sharp drop in the ALTS/BTC pair before the start of a strong growth.
You can look for a lot of reasons why we can grow or fall, but the fact remains: Bitcoin dominance beats local ATH, BTC is on highs, and there has been no flow of liquidity from Bitcoin to other assets during this growth.
Perhaps not right now, but in a month or two we may well see a rebound and the beginning of the altseason.